Insurance Law 1205 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 1204 Sale of insurance securities up ARTICLE 12 Organization and Corporate Procedure next SECTION 1206 Amendments to charters and increase of capital of insurance corporations Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 1205 Existing corporations Insurance (ISC) CHAPTER 28, ARTICLE 12 § 1205. Existing corporations. Any insurance corporation incorporated under the provisions of any law of this state and doing business as an authorized insurer at the effective date of this chapter shall be subject to the provisions of this chapter relating to such a corporation, except that: (a) It shall be entitled to exercise all powers conferred by virtue of its charter as in effect on the effective date of this chapter, during the term thereof, unless specifically prohibited by or pursuant to law. (b) Subject to article seventy-four of this chapter, its duration shall be perpetual. (c) If it has a guarantee capital represented by shares, it may amend any of the provisions of its charter.